Dollar-Sensitive Stocks Tumble
March 28, 2011
The Bel-20 Index of leading Belgian shares closed 26.36 points lower at 1667.77 points on volume of 3 billion francs. The index had fallen by as much as 2.7% earlier in the session. Many index-linked companies which derive much of their income in U.S. currency were hit hard by the weakness of the dollar. At close the dollar was fetching 30.740 francs, down from 31.290 Monday. The sole Bel-20 stock to buck the negative trend was electricity utility Electrabel, which ended 10 francs higher at 6,790 francs. Electrabel has the highest market capitalization on the Brussels Bourse. Index heavyweight pharmaceutical group UCB led volume to close down 1,700 francs, or 3%, at 55,300 francs. Steel wire and cord maker Bekaert -- which is also heavily weighted in the Bel-20 index -- shed 1.8%, or 425 francs, to close at 23,100 francs. Shares in polyurethane foam maker Recticel fell by a staggering 5.1% to 292 francs.
VastPress 2011 Vastopolis
